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A Remarkable Quote From The 1970s That Perfectly Predicted Why The Euro Would Be A Disaster

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Cullen Roche
Pragmatic Capitalism
Aug 17, 2012

Ramanan rounded up some pretty incredible Nicholas Kaldor quotes on Europe from the early 70′s.

It’s really remarkable commentary given the time it was written.   Given its pre-Euro timeframe, one could even argue that this is more prescient than the Wynne Godley comments in the early 90′s that predicted why the Euro would not work.

Kaldor passed away in 1986 but he likely would have had a similar view of the Euro that Godley had before it was implemented, but that’s just a guess.  Unfortunately, he wasn’t around to advise on the European Monetary Union.  More via Ramanan:

“… Some day the nations of Europe may be ready to merge their national identities and create a new European union – the United States of Europe. If and when they do, a European Government will take over all the functions which the Federal government now provides in the U.S., or in Canada or Australia. This will involve the creation  of a “full economic and monetary union”. But it is a dangerous error to believe that monetary and economic union can precede a political union or that it will act (in the words of the Werner report) “as a leaven for the evolvement of a political union which in the long run it will in any case be unable to do without”. For if the creation of a monetary union and Community control over national budgets generates pressures which lead to a breakdown of the whole system it will prevent the development of a political union, not promote it.

Full article here

This article was posted: Friday, August 17, 2012 at 2:40 am





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